Lyft drives toward IPO in 2019; Uber not far behind

Traders work Wednesday on the floor of the New York Stock Exchange on Wall Street in New York City. Lyft may be planning an initial public offering in 2019. Photo by John Angelillo/UPI | License Photo

Dec. 6 (UPI) -- Ride-hailing service Lyft filed paperwork with U.S. regulators Thursday that begins the process of setting an initial public offering, which could happen next year.

Lyft confidentially made the filing with the Securities and Exchange Commission, The Wall Street Journal reported, which indicates the company will offer common stock. Lyft's valuation is expected to top $15.1 billion.

The San Francisco-based ride-share company did not specify in the filing how much funding it will raise or what the valuation will be when it's time for the IPO.

Last month, Lyft reported third-quarter revenues of $563 million -- up 88 percent from the same period in 2017. It lost, however, $254 million in the quarter -- nearly $60 million more than it lost in the period last year.

Lyft, which was founded in 2012 and has since raised $5.1 billion in funding, may not be the only ride-share company to go public next year. Rival Uber has also hinted at an IPO in 2019. Banks have valued Uber at $120 billion, more than General Motors, Ford Motor Co. and Fiat Chrysler valuations combined.